Audit Report of the Disabled American Veterans, National Headquarters, for the Year Ended December 31, 1975

B-55712: Published: Oct 21, 1977. Publicly Released: Dec 3, 1982.

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A review of the audit report of the Disabled American Veterans, National Headquarters, for the year ended December 31, 1975, showed that, except for the late receipt of the report, the audit and financial reporting requirements for federally chartered corporations were met. The report, which was due June 30, 1976, was not received until October 1976.

The audit report was prepared by a firm of certified public accountants and included a statement of the scope of audit. The auditor's opinion stated that: (1) no provision had been made in the financial statements for the ultimate effect, if any, of proposed income tax assessments which are being contested by the Disabled American Veterans; and (2) the Disabled American Veterans amended its retirement plan and recorded the total additional charge for past service costs directly to the operating fund balance instead of amortizing the expense over a minimum period of 10 years as provided under generally accepted accounting principles. The opinion stated that, except for these matters, the financial statements presented fairly the financial position of the Disabled American Veterans at December 31, 1975, and the results of operations and changes in fund balances for the year then ended, in conformity with generally accepted accounting principles applied on a consistent basis.

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